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Published on 23/09/2019 10:20:15 AM | Source: Kedia Commodity Ltd

Buy Nickel Sep 2019 @ 1240.00 SL 1225.00 TGT 1255.00-1270.00.MCX - Kedia Commodity

Posted in Commodities Reports| #Kedia Commodity Ltd #Commodity Tips

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Copper

* Copper trading range for the day is 438.5-451.3.

* Copper settled down as the market awaited news from the US-China trade talks.

* PPC expects a global shortage in copper to be less acute next year as top consumer China's output increases and its demand growth softens

* Copper miners pay TC/RCs to smelters to process ore into refined metal. Lower charges indicate a tighter copper concentrate market or ample smelting capacity.

* Warehouse stock for Copper at LME was at 287150mt that is down by -3650mt.

* SELL COPPER SEP 2019 @ 449.00 SL 452.00 TGT 446.00-444.00.MCX

 

Zinc

* Zinc trading range for the day is 181.2-186.2.

* Zinc dropped as deliveries to LME-approved warehouses lifted LME zinc inventories for two consecutive days.

* Pressure also seen on concerns about global economic growth and the robust greenback after the Fed gave an uncertain outlook on future easing.

* The global zinc market swung into a 4,200 tonne deficit in July from a revised surplus of 13,800 tonnes in June, data from the ILZSG showed.

* Warehouse stock for Zinc at LME was at 62925mt that is down by -1100mt.

* BUY ZINC SEP 2019 @ 183.50 SL 182.50 TGT 185.00-186.50.MCX

 

Nickel

* Nickel trading range for the day is 1225-1299.6.

* Nickel prices gained after top metals consumer China further cut benchmark lending rates.

* The global nickel market deficit widened to 6,700 tonnes in July from a revised shortfall of 2,700 tonnes in the previous month.

* The premium of LME cash nickel over the three-month contract stood at $150 a tonne, near the recent decade high of $163, indicating near-term tightness.

* Warehouse stock for Nickel at LME was at 154566mt that is down by -3204mt.

* BUY NICKEL SEP 2019 @ 1240.00 SL 1225.00 TGT 1255.00-1270.00.MCX

 

Aluminium

* Aluminium trading range for the day is 138.2-139.4.

* Aluminium dropped as resumption of primary aluminium smelters grew worries about nearby higher supply

* China’s output of alumina fell in August to the lowest monthly level since November 2018, losing 2.9% from July to 6.04 million mt

* Production of primary aluminium dipped 0.4% month on month and 0.3% year on year to 2.97 million mt in August, showed NBS data

* Warehouse stock for Aluminium at LME was at 897900mt that is down by -2825mt.

* BUY ALUMINIUM SEP 2019 @ 138.00 SL 137.00 TGT 139.50-141.00.MCX

 

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